The difference between nominal and real is
A) nominal is measured in current dollars and real is measured in dollars of a given year.
B) real is measured in current dollars and nominal is measured in dollars of a given year.
C) nominal is a number stated in dollars and real is stated with an index number.
D) real is a number stated in dollars and nominal is stated with an index number.
E) both nominal and real are measured with index numbers, only the nominal index is greater than 100 and the real index is less than 100.
A
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Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. What will the market price be?
A) $10 B) $18 C) $24 D) >$24
A network externality occurs when
A) the usefulness of a good is affected by celebrities who use the good. B) there is production cost savings from being networked with buyers. C) the usefulness of a good is affected by how many other people use the good. D) there is production cost savings from being networked with suppliers.